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Content analysis
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8th grade Avg
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EXHIBIT 12.1
NOBLE ENERGY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Year Ended December 31, |
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| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
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| (in thousands) |
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Income from continuing operations before income tax and cumulative effect of change in accounting principle |
| $ | 1,096,217 |
| $ | 968,660 |
| $ | 513,008 |
| $ | 140,405 |
| $ | 27,896 |
|
Add (deduct) |
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Fixed charges |
| 133,644 |
| 99,375 |
| 62,747 |
| 62,075 |
| 64,566 |
| |||||
Interest capitalized |
| (12,515 | ) | (8,684 | ) | (8,168 | ) | (13,430 | ) | (16,331 | ) | |||||
Income from equity investees |
| (139,362 | ) | (90,812 | ) | (78,199 | ) | (45,186 | ) | (12,361 | ) | |||||
Distributed income of equity investees |
| 37,350 |
| 59,625 |
| 57,825 |
| 46,125 |
| 17,696 |
| |||||
Earnings as defined |
| $ | 1,115,334 |
| $ | 1,028,164 |
| $ | 547,213 |
| $ | 189,989 |
| $ | 81,466 |
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Net interest expense |
| 117,045 |
| 87,541 |
| 53,460 |
| $ | 47,681 |
| $ | 47,709 |
| |||
Interest capitalized |
| 12,515 |
| 8,684 |
| 8,168 |
| 13,430 |
| 16,331 |
| |||||
Interest portion of rental expense |
| 4,084 |
| 3,150 |
| 1,119 |
| 964 |
| 526 |
| |||||
Fixed charges as defined |
| $ | 133,644 |
| $ | 99,375 |
| $ | 62,747 |
| $ | 62,075 |
| $ | 64,566 |
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Ratio of earnings to fixed charges |
| 8.3 |
| 10.3 |
| 8.7 |
| 3.1 |
| 1.3 |
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